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Adani Energy Solutions continues robust growth, Revenue at Rs 3,615 crore, up 19% YoY

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Ahmedabad, 29 January 2024Adani Energy Solutions Limited (“AESL”), part of the globally diversified Adani portfolio and the largest private transmission and distribution company in India with a growing smart metering portfolio, today announced its financial and operational performance for the quarter ended December 31, 2023.

“Our growing portfolio with newly commissioned lines, coupled with favorable energy demand, continues to drive our growth. We are proud of our contribution to developing national transmission infrastructure, which is very critical to facilitate renewable evacuation, especially from the Khavda region. With humility, we welcomed the prestigious Global recognition in the form of Sustainability Leadership Award 2023 from the World Sustainability Congress, demonstrating our outstanding leadership, commitment to reduce environmental impact, and dedication to promote sustainable practices,” said Anil Sardana, MD, Adani Energy Solutions.

“We are very excited about opportunities in all lines of business in AESL. The smart metering segment is consistently growing besides our existing T and D established industry position. To offer smart and tech enabled smart metering solutions, our partnership with Airtel, Esyasoft, AdaniConnex will be very fruitful and will immensely augment our offering,” said Kandarp Patel, CEO, Adani Energy Solutions.

Q3 FY24 Highlights:

Consolidated Financial Performance                                                                                          (Rs crore)

Particulars Q3 FY24 Q3 FY23 YoY % 9M FY24 9M FY23 YoY%
Revenue 3,615 3,037 19.0% 10,657 9,117 16.9%
Total EBITDA 1,732 1,708 1.4% 4,553 4,395 3.6%
Operating EBITDA 1,454 1,318 10.4% 4,077 3,772 8.1%
Net Profit 348^ 478# -27.2% 815^ 841# -3.1%
Comparable PAT (ex one-time) 281 280 0.6% 812 642 26.3%
Cash Profit (ex one-time) 786 757 3.9% 2,257 2,235 1.0%

(Note: Total EBITDA = Operating EBITDA plus other income, one-time regulatory income, adjusted for CSR exp.; Cash profit calculated as PAT + Depreciation + Deferred Tax + MTM option loss;) #Includes one-time regulatory income of Rs 240 crores (Rs 198 crores net-off tax); ^Includes a miscellaneous income of Rs 136 crore on account of the $ 120 million bond buy-back

Revenue:  Revenues witnessed a double-digit growth of 19% on account of the newly commissioned transmission projects and higher energy consumption in the distribution business.

EBITDA:

PAT: Comparable PAT of Rs 281 crore was 1% higher, supported by miscellaneous income of Rs 136 crore and lower finance cost in AEML. The comparable PAT in Distribution increased by 100%

Segment-wise Financial Highlights                                                                                                           (Rs crore)

Segment Particulars Q3 FY24 Q3 FY23 YoY % 9M FY24 9M FY23 YoY%
Transmission Op Revenue 1,056 933 13.2% 2,881 2,637 9.2%
Op EBITDA 967 859 12.6% 2,628 2,412 9.0%
Comparable PAT 246 262 -6.0% 732 735 -0.5%
Distribution Op Revenue 2,559 2,104 21.6% 7,777 6,480 20.0%
Op EBITDA 487 459 6.1% 1,448 1,360 6.5%
Comparable PAT 35 18 99.9% 80 -93 186.4%

Segment-wise Key Operational Highlights:

Particulars Q3 FY24 Q3 FY23 Change
Transmission business      
Average Availability (%) 99.7% 99.7% In line
Transmission Network Added (ckm) 302 371 In line
Total Transmission Network (ckm) 20,422 18,795 Higher
Distribution business (AEML)      
Supply reliability (%) 99.99% 99.99% In line
Distribution loss (%) 5.46% 5.60% Lower
Units sold (MU’s) 2,489 2,169 Higher

 Transmission:

Distribution business (AEML):

Segment-wise Progress and Outlook:

Transmission:

Distribution:

Smart Meters:

ESG Updates:

Achievements and Awards: